Over the last couple of weeks the Euro has been in free fall against a host of major currencies. With a loss of around 12% on a trade weighted basis we are wondering when the losses may be halted. Against the USD today the Euro hit a four year low amid fears that spending cuts and tax rises adopted by European governments would stifle their economies. The bailout package, which came on top of an earlier $146bn joint EU-IMF bailout of Greece, appears to have calmed fears of immediate disaster, but longer term issues remain.
The long term financial stability of the Euro zone is what is damaging the currency. With all time lows against the Swiss Franc and a host of other currencies how long do you think it may be before the Single currency recovers? Your views would be much appreciated.
If however that you are needing to purchase Euros now could be a great time to trade as the rates of exchange are extremely favourable. If you are buying a property abroad, have business transactions to carry out or need to get money overseas for any other reason and want the best exchange rates, just fill in the form on the right hand side and one of the experienced traders that write on this blog will be in touch shortly.